Question: Lincoln Corporation has retained earnings of $675,000 at January 1, 2004. Net income during 2004 was $2,400,000, and cash dividends declared and paid during 2004

Lincoln Corporation has retained earnings of $675,000 at January 1, 2004. Net income during 2004 was $2,400,000, and cash dividends declared and paid during 2004 totaled $75,000. Prepare a retained earnings statement for the year ended December 31, 2004.

Step by Step Solution

★★★★★

3.46 Rating (175 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock

Lincoln Corporation Retained Earnings Stat... View full answer

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Document Format (1 attachment)

11-B-A-I-S (43).docx

120 KBs Word File

Students Have Also Explored These Related Accounting Questions!

The income statement for the year ended December 31, 2011, and the balance sheets at December 31, 2010, and December 31, 2011, for Craigs Service Company are presented here. Requirements 1. Prepare a...

The income statement for the year ended December 31, 2009, for Chico Co. follows: Sales volume in 2010 is expected to increase by 15 percent because of a 5 percent decrease in selling price. Material...

Lincoln Corporation has retained earnings of $675,000 at January 1, 2008. Net income during 2008 was $2,400,000, and cash dividends declared and paid during 2008 totaled $75,000. Prepare a retained...

E11-9 Determining the Effects of Transactions on Stockholders' Equity LO11-1, 11-3, 11-7 Quick Fix-It Corporation was organized at the beginning of this year to operate several car repair businesses...

Windsor Corporation has retained earnings of $702,400 at January 1, 2020. Net income during 2020 was $1,526,800, and cash dividends declared and paid during 2020 totaled $81,000. Prepare a retained...

Coronado Corporation has retained earnings of $723,800 at January 1, 2020. Net income during 2020 was $1406,200, and cash dividends declared and paid durine 2020 totaled $79,200. Prepare a retained...

Please tell me how to solve numbers 18,19,20. Please just list computations so I understand what needs to be done in order. Also on the last page how do I find the dividend paid.Thank you! Financial...

Instructions: Use the Thor Industries Case Document to fill in the highlighted cells for 2008. Thor and Winnebago use the LIFO inventory method and Skyline uses the FIFO method. Convert Thor and...

Fill in the Gray areas by using the below balance/income sheets. Below are Thor Industries Statements, Winnebago and Skyline are marked accordingly after Thor's. Winnebago and Skyline industries...

The individual financial statements for Gibson Company and Keller Company for the year ending December 31, 2018, follow. Gibson acquired a 60 percent interest in Y 1, 2017 in exchange for various...

What is the APR on a loan that charges interest at the rate of 1.4% per month? a. 14.00% b. 18.16% c. 10.20% d. 16.80%

A floor slab is part of a seismic resisting system in a building. What is the value of torsion applied to this slab to be considered in the earthquake design of the building in kN.m. Slab properties...

Have you ever sent e-mails or text messages like Mr. Billigs? Did you consider this type of communication unethical and/or unprofessional? Why or why not?

1. When you retire at 65, you wish to be able to have $3,000 each month for 25 years. How much would you have to deposit into an account each month, starting when you are 23, if the account earns...

Use MATLAB function SS2TF to solve problem G.13a. G.13 Given x + [x;(0) x) - ] %3D obtain a classical differential equation, including all initial conditions: a. For x, being the dependent variable....

Perisher Pty Ltd (Perisher) is a Ski equipment manufacturer that operates around Mt Hotham in Victoria. On 1 May 2019, Perisher provided Nikita (one of its employees) with a car as Nikita does a lot...

The decline in our profits has become intolerable. The severe price cutting in pumps has dropped our pre-tax margin to less than 3%, far below our historical 10% margins. Fortunately, our competitors...

Explain the physical meaning of each term in the mechanical energy balance.

Explain how estimation of service lives can result in unrealistically high valuations of fixed assets.

The plant manager of a manufacturing firm suggested in a conference of the companys executives that accountants should speed up depreciation on the machinery in the finishing department because...

Under what conditions is it appropriate for a business to use the composite method of depreciation for its plant assets? What are the advantages and disadvantages of this method?

If Remmers, Inc. uses the composite method and its composite rate is 7.5% per year, what entry should it make when plant assets that originally cost $50,000 and have been used for 10 years are sold...

Charlie Parker, president of Spinners Company, has recently noted that depreciation increases cash provided by operations and therefore depreciation is a good source of funds. Do you agree? Discuss.

Risky Business wants to know the payback period, NPV, IRR, MIRR, and Pl of this project. The appropriate discount rate for the project is 13%. If the cutoff period is 6 years for major projects,...